Why Core Values are Important to Your Business?

I would argue that these values are the single most important part of starting, re-branding, succeeding, hiring, and client acquisition in any company.

Why are core values so important?

For Your Clients

You cannot identify your ideal client without knowing what values your company is built on. For example, if you own a medical practice and have a core value of integrity- having clients who want to defraud insurance would not be your ideal clients. While this may seem like a no brainer for most, new business owners get stuck in the “get every dollar from everywhere trap”.

You throw money at magic pill solutions, marketing strategies, programs to help you crack the code. There is no code. It takes hard work. But before you do anything else, figure out who it is that you are looking for. Who do you work best with and profit the most financially and emotionally from serving. They will be your best clients from a word of mouth, profitability, and your fulfillment stand point.

 

For your Staff

This should have been first. It is THAT important. Staff, team, group, employees, whatever you want to call it they should know the core values that you live by and your company was founded on. Why? Because this will save you THOUSANDS of dollars in the long run.

No micro management necessary when you have a team that understands the formula which you use to make every decision as a business owner and the values that guide your path to success. You should hire, fire, review, reward, recognize everyone according the their alignment with those values, not based on their actions. Example: “Johnny, you really demonstrated our core value of integrity when you brought to the client’s attention that they had overpaid on their invoice. Keep up the good work.” See how that highlights the core value and encourages more similar behavior rather than just that same example of action over again?

 

For your Referrals and Community

If those that refer to you do not know your core values then how are they going to bring you client’s that have your core values? This is something that your best referral groups and sources will know about you in a heart beat and it helps them make a better referral.

For example, let's say servant hood is one of your core values. A referral source has a church that needs moving services. Who do you think is going to come to mind above all other companies to serve this church? Not because you advertised on the back of the phone book but because they know that you have built your company and your reputation around the value of serving others selflessly.

 

If you find that you are coming up with the same canned versions of core values that you found on the back of a cracker jacks box then watch this Facebook Live on Core Values.